Record Keeping - A Primary Management Responsibility

Do you realize that your responsibility to keep accurate financial records of your business transactions is defined in the IRS Code and Regulations?  And that failure to do so can constitute a violation of civil and, in some extreme cases, criminal law?  Accurate record keeping is not a management responsibility that you can take lightly!!  If you don't take that responsibility seriously, you can end up in jail!

The four items below link you to selected portions of IRS Publication 583 Starting a Business and Keeping Records (1/2007).  Reading through these topices will give you a feel for how the IRS Code addresses accurate record keeping.

• What New Business Owners Need To Know 
   
• Record Keeping 

• Recording Business Transactions

• Bookkeeping System

A good accounting firm can be a great help to you in setting up the accounting and record-keeping system you need to run a successful business.